Antimicrobial Plastics Market Size & Share to Surpass $71.1 Billion by 2030 | Vantage Market Research
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WASHINGTON, Oct. 09, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the increasing allocation of resources to research and development initiatives is expected to present significant growth opportunities for the market in the coming forecast period. Furthermore, the healthcare sector has asserted its dominance in the market and is poised for continued growth throughout the forecast period.
According to Vantage Market Research, the Global Antimicrobial Plastics Market is estimated to be valued at USD 71.1 Billion by 2030 and is expected to exhibit a CAGR of 7.9% during the forecast period 2023 to 2030. The global Antimicrobial Plastics market grew to USD 41.8 Billion in 2022.
Antimicrobial Plastics is a synthetic polymer-based material infused with an incorporated active component, typically referred to as an antimicrobial additive. This additive empowers the plastic to effectively combat the proliferation of microorganisms like algae, fungi, and mold. These microorganisms can significantly reduce the lifespan of plastic products. Consequently, the adoption of Antimicrobial Plasticss has witnessed substantial growth in recent times across diverse industries, including food and beverage, packaging, and healthcare. These sectors are projected to serve as the primary growth engines for the global market in the foreseeable future.
By Additive, Organic segment is anticipated to mention fastest growth of the market during forecast period
By Type, Engineering Plastics segment is expected to witness maximum market growth over projected period
By Application, Consumer Goods is expected to lead the market during the projected period
In 2022, Asia Pacific dominated the market with the highest revenue share of 42.90% and is expected to maintain the same dominance during the forecast period
Antimicrobial Plasticss are experiencing growing adoption as a replacement for traditional materials within the healthcare sector, particularly in the production of medical devices such as ventilators and anesthesia machines. This choice is driven by their inherent ability to inhibit the proliferation of pathogens, including algae, bacteria, and fungi. Moreover, these plastics exhibit remarkable resistance to moisture, making them increasingly favored as a dependable solution for food packaging within the food and beverage industry.
Top Companies in The Global Antimicrobial Plastics Market
Factors Affecting the Growth of the Antimicrobial Plastics Industry
Several factors can affect the growth of the Antimicrobial Plastics industry. Some of these factors include:
Increasing demand for antimicrobial materials: The rising awareness about the importance of hygiene and cleanliness in various industries, such as healthcare, food and beverage, and consumer goods, is driving the demand for Antimicrobial Plastics materials. These materials help in preventing the spread of infections and diseases, leading to increased adoption in different sectors.
Technological advancements: Advances in the field of polymer science and material engineering have led to the development of more effective Antimicrobial Plastics materials. These new materials are capable of providing long-lasting antimicrobial protection and have improved performance characteristics, such as enhanced durability and resistance to degradation.
Growing healthcare industry: The healthcare industry is one of the major consumers of Antimicrobial Plastics materials. With the increasing global population and prevalence of infectious diseases, there is a growing need for antimicrobial materials in medical devices, equipment, and hospital infrastructure. This is driving the demand for Antimicrobial Plasticss in the healthcare sector.
Government regulations and standards: Many countries have implemented stringent regulations and standards regarding hygiene and cleanliness in various industries. These regulations often require the use of antimicrobial materials in certain applications, thereby boosting the demand for Antimicrobial Plastics materials.
Consumer awareness and preference: Consumers are becoming more conscious about their health and wellbeing, driving the demand for products and materials that offer antimicrobial protection. With the COVID-19 pandemic, there has been a significant increase in the demand for Antimicrobial Plastics materials in consumer goods, such as packaging, household products, and personal protective equipment.
Top Trends in Global Antimicrobial Plastics Market
One of the top market trends in the Antimicrobial Plastics market is the increasing demand for antimicrobial packaging solutions. With the rise in foodborne illnesses and the need for efficient and safe packaging options, Antimicrobial Plastics packaging is gaining traction. For example, companies like Berry Global and Mondi Group are developing antimicrobial packaging solutions for food products to ensure better food safety and extended shelf life. Another growing trend in the Antimicrobial Plastics market is the utilization of sustainable and eco-friendly materials. Consumers and industries are becoming more conscious of the environmental impact of plastics, leading to the demand for Antimicrobial Plasticss that are derived from renewable sources and can be easily recycled. A prime example is the use of biodegradable Antimicrobial Plasticss made from materials such as natural fibers, starch, and vegetable oils.
Recent Development of the Global Antimicrobial Plastics Market
May 2023: SANITIZED AG has introduced Sanitized? BDC, a robust triple-action product formulated with three active ingredients to safeguard aqueous systems like polymer dispersions and architectural paints. Sanitized? BDC not only ensures product sanitation but also provides in-can preservation to maintain long-term stability.
May 2023: Palram has collaborated with BioCote? to create an advanced antimicrobial wall cladding system featuring built-in antimicrobial protection for enhanced performance.
January 2022: BASF has partnered with Permionics Membranes, based in Vadodara, India, to expand the application of BASF's Ultrason? E (PESU: polyethersulfone) into coated fabrics. These fabrics are utilized as particulate and bacterial filters for face masks, marking the first-time usage of Ultrason? E in this context.
Market Drivers As per the Centers for Medicare & Medicaid Services (CMS), it is projected that the National Health Expenditures (NHE) and Gross Domestic Product (GDP) of the United States will experience an annual growth rate of 5.1% until the year 2030. However, it's worth noting that the patterns of NHE have been notably impacted by the COVID-19 pandemic. Furthermore, despite the implementation of measures such as social distancing, face masks, and stringent hygiene practices, achieving complete surface sanitization remains a formidable challenge. Consequently, there is a growing need for materials with self-cleansing properties that can effectively neutralize contaminants on surfaces, thereby reducing the risk of potential pathogen transmission. This increased awareness of Antimicrobial Plasticss has resulted in a robust demand for their utilization across various applications.
Market Restraints Plastic, a material derived from petrochemical sources primarily extracted from natural gas and oil, is susceptible to price fluctuations in these raw materials. These price swings have a direct impact on the cost of plastic products. For manufacturers specializing in Antimicrobial Plasticss, the challenge lies in their ability to introduce innovative products amidst this price volatility, which, in turn, affects their operational profitability. Additionally, there is pressure from customers to manage costs, prompting end-users to strike a balance between cost considerations and performance expectations. Consequently, this dynamic influence the overall performance of final products and their associated profit margins.
Market Opportunities From the production of fibers, yarn, and fabric to the creation of garments, the global textile and apparel industry boasts strengths that span the entire value chain. India and China stand out as two of the world's largest textile markets. In India, the textile and apparel market are highly diversified, encompassing traditional handloom and handicrafts, as well as wool and silk products, alongside an organized textile industry. As nanotechnology continues to advance in textile manufacturing, the integration of antimicrobial properties into both technical and non-technical textiles becomes increasingly feasible. This development is poised to open up fresh opportunities for the Antimicrobial Plasticss and additives market within the textile industry.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Antimicrobial Plastics Market Forecast Report (2023-2030).
Report Segmentation of the Global Antimicrobial Plastics Market
Additive Analysis Organic segment is predicted to grow at a fastest rate during the forecast period. Strict regulations and guidelines imposed by regulatory bodies, such as the Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA), have also contributed to the growth of organic Antimicrobial Plasticss. These regulations aim to restrict the use of certain chemicals in plastic materials and promote the adoption of safer, organic alternatives. Furthermore, the ongoing COVID-19 pandemic has also accelerated the growth of the organic Antimicrobial Plastics market. With the heightened focus on hygiene and cleanliness, there has been an increased demand for antimicrobial products, including plastics, in various settings such as hospitals, food processing facilities, and public spaces. Organically derived Antimicrobial Plasticss offer an added advantage as they provide protection against harmful microorganisms while being safe for human use.
Type Analysis Engineering Plastics segment is expected to witness the largest growth of the market over the projected period. The combination of Engineering Plastics with antimicrobial properties provides an ideal solution for industries that require both high-performance materials and protection against microbial contamination. This has led to a steady growth in the demand for Engineering Plastics in the Antimicrobial Plastics Market. Furthermore, the development of advanced manufacturing technologies, such as injection molding and extrusion, has made it easier to incorporate antimicrobial properties into Engineering Plastics. This has expanded the range of applications for antimicrobial Engineering Plastics, leading to their increased adoption in various industries.
Application Analysis Consumer Goods is anticipated to grow at a maximum growth rate during the forecast period. The development of advanced antimicrobial technologies has contributed to the growth of the consumer goods segment in the Antimicrobial Plastics market. These technologies, such as silver-based additives or organic compounds, are capable of providing long-lasting antimicrobial protection. As a result, manufacturers are incorporating these technologies into a wide range of consumer goods, including household appliances, kitchenware, and personal care products. In addition, advances in manufacturing techniques have made it easier and more cost-effective for companies to incorporate Antimicrobial Plasticss into their products. Injection molding, for example, allows for the production of complex shapes and designs, making it suitable for a wide range of consumer goods. This has led to an increased availability of Antimicrobial Plastics products in the market.
The Antimicrobial Plastics market in Asia Pacific has experienced significant growth in recent years. Antimicrobial Plasticss are designed to inhibit the growth of bacteria, viruses, fungi, and other microorganisms on surfaces, making them ideal for use in a variety of applications. The healthcare sector in Asia Pacific has been a major contributor to the growth of Antimicrobial Plasticss. Hospitals and healthcare facilities are increasingly adopting Antimicrobial Plastics products to prevent the spread of infections and to maintain a clean and hygienic environment. Antimicrobial Plasticss are used in medical devices, equipment, hospital furniture, and other healthcare products.
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